Law School
All I have to say is that I'd love to be in the OP's position about a year from now. That is, having to choose among the top three law schools in the state with scholarship offers.
I only have one scholarship offer, although I'd imagine Loyola will offer something. LSU probably won't, but they have a very reasonable rate.
Before Katrina I wouldn't have gotten the scholarship I did. The number of people applying to Tulane has dropped each year since Katrina, and as of last year was around half of what it was. Loyola had its largest class last year, but those are people who accepted their offer rather than total applicants.
As for what JE said:
I do want to remain in Louisiana, and really couldn't see myself practicing out of Lafayette except maybe New Orleans. I really love New Orleans, but there are some drawbacks to trying to establish yourself there. It seems to me to be a very insidious place, and who you know is much more important than what you know.
As far as I'm concerned, the fact that Tulane is in New Orleans is a major draw for me since I don't plan on working there but would really like to live in the city. On the other hand, from a career perspective, it seems like LSU is the better place to build connections with people who will be working in Louisiana. This is especially true for Lafayette, where the overwhelming majority of the people go to LSU, and more probably go to Loyola than Tulane.
I guess the main question I have is: How important is it to go to law school with people who are going to be working in the same city as you? Are the friendships and connections built in law school crucial, or does that work itself out after you get a job?